Ann: Rising oil prices - Hedging Update, page-42

I requested this update per the CEO by email a fortnight ago (as others did I'm sure) as hedging was not addressed in the report, which given the run up in oil price is pretty important. CE1 are more than happy to report when the hedges are working for them (this time last year), but silent when not. With CE1's lifting cost, I doubt they need such high hedge levels. A mandatory level of hedging coverage is usually a requirement of debt providers, so it depends on how much debt is carried on the BS. The less debt, the lower the need for hedging typically. CE1's margins suggest to me that hedging levels during northern winter could have been lower.